Bankrupt A123 Seeks To Keep $125M Mich. Tax Credits

Law360, Los Angeles (March 28, 2013, 6:37 PM EDT) -- Defunct battery maker A123 Systems Inc. asked a Delaware bankruptcy court Wednesday to allow it to keep $125 million in two Michigan tax credits it had secured from the state before going bankrupt, saying the credits are valuable assets for its creditors.

A123 filed a motion for an order allowing it to assume the tax credits Michigan had granted it to help build a battery-making factory in the state and hire local employees, arguing that preservation of the credits would benefit its creditors as it winds...